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On Monday, the U.S. dollar index recovered some of last week’s corrective losses and finally gained some long interest.
At the same time, U.S. Treasury yields have also risen strongly across cycles, thus boosting the underlying bullish trend in the U.S. dollar.
It is worth noting that the U.S. bond market will be closed on Monday due to the Columbus Day holiday.
On the other hand, CFTC positioning data showed that in the week ended October 3, dollar net longs climbed to mid-December 2022 levels. During this period, the U.S. Dollar Index rose to new 2023 highs, breaking through the 107.00 mark, and the possibility of a more protracted continuation of the Fed’s restrictive policy stance has been supporting the U.S. Dollar Index.
